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Lead Text: 
Giant $10bn tourist resort and $8bn of industrial schemes gain backing

The country is set to invest $8bn in gas, power and iron & steel plants along the northern entrance to the Suez canal and $10bn on a giant tourist resort anlong Egypt's Mediterranean coast, according to Arab News.

Qatar's Prime Minister Sheikh Hamad bin Jassim Al-Thani said: “We spoke with President Muhammad Mursi and agreed to invest $8bn on a power plant, natural gas and iron steel,” he said.

“This will be in a integrated complex in East Port Said.”

Speaking at a joint news conference with Egyptian PM Hisham Kandil, al Thani said the investment in the Port Said project would be made over a five-year period.

Egypt has received more than $5bn in loans and budget support from various organisations to help with the nation's reconstruction over the past few months - including $2bn in direct loans from Qatar.

It has already deposited $500m with the Egyptian Central Bank and said the remainder would be paid in over the next three months.



Article Context: 
Story Relations: 
Kuwait signs Bahrain infrastructure finance deal
Vietnam sets up training college for Gulf workers
GCC to finance $5bn of projects in Jordan
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Published Date: 
Sunday, September 9, 2012 - 14:00
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